Revolut secures a 10-year lease for Canary Wharf, strengthening its commitment to London

Revolut, the pioneering financial technology company, has signed a ten-year lease for office space in the heart of Canary Wharf, marking a significant boost for the prestigious financial district.

The company will occupy the top four floors of the newly renovated 30 South Colonnade, now rebranded YY London.

Subject to planning permission, the building will feature two prominent Revolut logos, with a move date planned for May 2025. Despite many of its 10,000 employees being able to work from home, Revolut plans to use the new office for product launches and team meetings. . In addition, the company wants to hire an additional 1,500 employees worldwide by the end of 2024.

This high-profile deal comes as a welcome boost for Canary Wharf, which has seen a number of notable departures post-pandemic, including Clifford Chance and HSBC. Nearly £1 billion was wiped from the value of Canary Wharf Group’s portfolio last year. The landlord, owned by the Qatar Investment Authority and US firm Brookfield, reported a drop in pre-tax profits from £40m to £28m in 2023.

Revolut, which was valued at £24 billion in a 2021 funding round, has deep roots in Canary Wharf. It started its journey in a start-up incubator at One Canada Square in 2015 and later moved to Westferry Circus.

Shobi Khan, CEO of Canary Wharf Group, praised Revolut’s remarkable growth, saying: “Revolut’s phenomenal rise is a powerful testament to the extraordinary environment we have created for the world’s leading and most innovative companies.”

The new office space will increase Revolut’s London footprint by more than 40%, to a total of 113,000 square meters. Formerly the headquarters of Thomson Reuters, 30 South Colonnade was notable for its distinctive news ticker displaying headlines and share prices. The 14-storey building, owned by property investors Quadrant and Oaktree Capital Management, now features a roof garden and runs solely on electricity, strengthening its net-zero certification. The renovation of the building cost £135 million.

Although Revolut declined to reveal the financial terms of the lease, Tristram Gethin, founder of Quadrant, has previously indicated that the requested rent was around £55 per square meter.

Francesca Carlesi, Chief Executive of Revolut UK, noted that the new office “reinforces our commitment to Britain” and will serve as a “creative environment to attract talent from the tech and banking fields.” Nik Storonsky, Chief Executive of Revolut, added that the new headquarters will act as the company’s home base as it continues its global expansion.